v Setting up an IVA

Setting up an IVA

Setting up an IVA is straightforward, so long as you get the correct advice from the outset.

And the simplest way to make sure you're getting the correct advice is to talk to IVA.info.

Using IVA.info

IVA.info is a 'Not for Profit' organisation.

All our help and advice is free and comes without obligation.

We do not charge any set up fees should you wish to enter an IVA using our help.

The team behind IVA.info have helped set up thousands of IVAs and, for over a decade, we've built our reputation as being one of the UK's best IVA intermediaries.

Through our free help and advice, thousands of people have found the best solution to their debt problem and IVAs remain our speciality.

Over the years we've developed a very strong understanding of what your creditors expect.

That's why we can boast an IVA acceptance rate above 98%, so you can rest assured that you'll have the best chances of success.

The initial set up process

Initially, you'll have an informal chat with one of our IVA specialists, just to ensure that an IVA is the right solution for you.

We'll cover all the different aspects of how an IVA might impact on your personal circumstances, giving you a perfect opportunity to ask as many questions as you like.

Together we'll explore how an IVA would work for you, whilst taking a detailed look at your budget. We'll then establish what IVA contribution is affordable for you.

We'll also assess your creditors, and discuss the best ways to manage communications with them.

Then, once you've decided an IVA is the right solution and that you're happy to proceed, we will start your application.

Setting up an IVA

The application process is actually quite straight forward and, normally, only requires you to have a couple of conversations with the Insolvency Practitioner's team.

Each stage of the IVA process is generally undertaken by a different person as detailed below.

  • Your IVA drafter is the person who prepares your IVA proposal.
  • The IVA nominee is the role played by your IP during the set-up process.
  • The Creditors' Meeting team are responsible for liaising with your creditors.

Creditors must, legally, be given a minimum notice period of 14 days for your Creditors' Meeting, so they can consider your proposal.

Your Creditors' Meeting

From the start of the application to the meeting normally takes about 3-4 weeks. In the vast majority of cases creditors will await the outcome of the meeting without any problem.

But, if you have an aggressive creditor, or if a creditor begins legal action against you prior to the meeting, your IP could apply for an Interim Order. This Court Order puts a temporary stop on all legal action until the outcome to the proposed IVA has been established.

The Creditors' Meeting is only a virtual meeting, during which your creditors vote on whether to accept your proposal.

If more than 75% (in debt value terms of those creditors that vote) approve the IVA, it then becomes legally binding, and even those creditors that voted against it are legally bound by its terms.

Successful outcome

Once the IVA has been approved, any legal action being taken against you must stop.

All interest charges must be frozen and no further late payment charges can be applied by your creditors.

Professional IVA Advice

IVA.info are IVA specialists.

All our advice is free, confidential and comes without obligation.

If you'd like to talk with one of the team, please call 0800 088 7502 or, if you prefer, complete this form and we'll call you at your preferred time.

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